(a) The board may appoint investment consultants or advisors to assist the board in using funds designated under § 51.401 in a manner authorized under § 51.402 by contracting for professional investment advisory services with one or more organizations that are in the business of advising on the management of real estate investments.
(b) To be eligible for appointment under this section, an investment consultant or advisor shall agree to abide by the policies, requirements, or restrictions, including ethical standards and disclosure policies and criteria for determining the quality of investments and for the use of standard rating services, that the board adopts for real estate investments of the permanent school fund. Funds designated under § 51.401 may not be invested in a real estate investment trust, as defined by § 200.001, Business Organizations Code.

(c) Compensation paid to an investment consultant or advisor by the board must be consistent with the compensation standards of the investment industry and compensation paid by similarly situated institutional investors.
(d) Chapter 2263, Government Code, applies to investment consultants and advisors appointed under this section. The board by rule shall adopt standards of conduct for investment consultants and advisors appointed under this section as required by § 2263.004, Government Code, and shall implement the disclosure requirements of Section 2263.005 of that code.